In the first half of 2006, the online money transfer service provider added more than 500,000 new customers to its customer base, while the average daily receipts from customers grew 56 % to $4.68m ($4.69m in Q1 and $4.66m in Q2) from the same period in 2005.
The expansion of the customer base has been accompanied by growth in the merchant base which exceeded 3,500 at the end of June 2006. In this period NETeller added a number of major merchants, particularly in Europe, including Paddy Power, Unibet, UKbetting, Nordicbet and PKR.com.
However, while revenue for the second quarter is expected to be in line with the house broker\’s forecasts, gross margin will be impacted by slightly higher than expected bad debts and additional costs.
NETeller\’s interim results for the period ended 30 June 2006 are expected to be announced on September 11.
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